Two weeks ago, the New Haven parent company, ICE and CME, made a little report in front of the CFTC and the United States Congress. Hyperliquid, a platform registered in Singapore and anonymous to traders throughout, is putting global oil prices at risk of being manipulated and exploited by insiders and even sanctioned State actors. Bloomberg reported that the two oldest exchanges wanted regulation to tighten their grip。

Two weeks later, at Bernstein's investor exchange, ICE's founder, chairman and CEO Jeffrey Sprecher talked about Hyperliquid completely changing his face. He said that the platform was " bigger than NASDAQ" and that there were only 11 people in the company, and it was amazing. Sprecher met with the Hyperliquid team several times, and they were learning from each other, and finally added: "To these people, I wish I could be younger and do it myself."

ICE'S DIFFERENTLY NOT WALKING. IT HAD LONG BEEN CONVINCED THAT MONETIZATION WOULD WIN, BUT HAD NOT BEEN QUALIFIED TO COMPETE WITH THE WINNER。

Currencyization track

At Sprecher, it appears that value will eventually be monetized through the Internet, allowing for uninterrupted round-the-clock movement. The reason is simple: banks have business hours, and global supply chains, global energy, are day and night. ICE operates 13 exchanges and 6 clearing houses around the world, and as soon as banks close in a given time zone, the region's funds are cut off. As the world moves to 7x24, capital runs to closed passages。

IT ALSO BRINGS A PROFIT ADVANTAGE. ICE NOW HAS A SURPLUS OF COLLATERAL IN SIX COOPERATIVE CLEARING HOUSES TO PREVENT LOCAL LIQUIDATION. IMAGINE A TRANSNATIONAL CORPORATION OPENING ONE ACCOUNT IN EACH OF THE SIX COUNTRIES, EACH WITH A RESERVE ON WHICH NO ONE CAN MOVE. THE MONETIZATION CAN COMBINE THE SIX PIECES OF MONEY, WHICH SIDE OF THE TRANSACTION BEGINS, WHICH SIDE REQUIRES A DEPOSIT, AND WHICH SIDE OF THE MONEY CAN BE TRANSFERRED ALMOST INSTANTANEOUSLY. THIS IS A SOLID FINANCIAL EFFICIENCY UPGRADE FOR A FIRM WITH A CLEARING HOUSE WORLDWIDE。

Now that we've decided, we have to keep up. ICE, who was trying to wire New York House shares directly, but the investors didn't buy them, went around the corner and set up another subsidiary, called Blue Ocean, to apply to the SEC for 24 hours a day, year-round trading. Sprecher stressed that the adoption of this application had nothing to do with the passage of the Clarity bill and that he was currently quite optimistic about obtaining approval。

Set your bets vertically

Where's the increase coming from when you get approval

ICE PREDICTS THAT WHEN 7X24'S MONETIZATION SHARES ARE ON THE LINE, MOST OF THE LOCAL UNITED STATES AGENCIES WILL NOT BE PRESENT, AND THAT WEEKENDS AND LATE-NIGHT DEALS ARE NEITHER CUSTOMARY NOR NECESSARILY FREE OF COMPLIANCE。

Real incremental demand in Asia。

OKX is the second largest encryption exchange in the world after Binance, holding 120 million users, both geographically and customer, on the ICE panel. It's been working for the Biden government before, paying a large fine, being posted by a supervisor, and promised to be a serious KYC and AML, which has allowed ICE to see the resolve of OKX to stay legally in the United States。

SO THE TWO HAD A RECIPROCAL EXCHANGE. ICE HELPED OKX GET THE BROKER QUALIFICATIONS, INCORPORATED THEM INTO FINRA AND SEC REGULATIONS, AND SENT THEM TO THE US GATE; OKX USED ITS OWN ASIAN NETWORK AND HUNDREDS OF MILLIONS OF CUSTOMERS TO DISTRIBUTE THE PRODUCT FOR ICE. IN MARCH 2026, ICE INVESTED APPROXIMATELY $200 MILLION IN OKX, CORRESPONDING TO A $25 BILLION VALUATION AND TAKING THE NEXT SEAT ON THE BOARD。

Two weeks ago, the first product of the two partnerships landed and OKX introduced a contract for the renewal of crude oil based on the Brent crude oil and WTI crude oil benchmarks。

Decoration level

Buy distribution, buy data, and there's only one chain that runs all this。

But Sprecher knows that L1 and L2 in the current market are not yet able to meet ICE performance requirements. The amount of transactions at New York House was, according to him, more than Google searches. More troublesome is the delay. It would take time to go into centralization by a bunch of certifiers to reach consensus and confirm the transfer of ownership, while the algorithm transactions on the ICE platform were calculated in microseconds, and no one was willing to turn the trade back 10 years ago in order to turn the chain back。

ICE'S PROGRAM IS TO CUT THE FLOW OF WORK IN HALF. THE BOND STAYS UNDER THE CHAIN AND THE COLLATERAL IS TRANSFERRED TO THE CHAIN。

BOTH STEPS ICE HAVE ALREADY TAKEN ACTION。

On the inside, it settles a chain of blocks to which the New Haven is attached and runs in its own data centre, which is closed to the public。

Externally, ICE invested in cross-chain agreements in February 2026, the forthcoming LayerZero public chain, the investment formation of Zero is almost the backbone of the traditional financial chain, comprising DTCC, Citadel, Google Cloud, ARK and Tether, which are responsible for United States securities settlement。

Supervise Double

For the Challenger Hyperliquid, Sprecher has been following two things that they can do, and ICE can't do for now。

The Middle East is a region of ongoing conflict, with important news often falling off weekends, when the traditional crude oil market was closed. Hyperliquid took over the empty window period and led the price of crude oil on the weekend。

Another is the SpaceX pre-disc contract that Hyperliquid went online. Sprecher wonders whether the price of a chain of private markets "discovered" in advance would reflect the real price on the day of the opening. He expressed his willingness to wait a few weeks to judge。

When the moderator mentioned ICE two weeks ago about Hyperliquid's "FUD," Sprecher said, "We're not in a panic. Instead, we are communicating with these people and understanding their thoughts. They are learning what we do. We are helping them understand our world, and they are helping us to understand their world. So, in a sense, it's a mutual appreciation relationship.”

ICE REALLY WANTS TO TALK TO THE REGULATORS。

"These things Hyperliquid is doing, no one's punishing him. ICE NEEDS A FAIR ROOM. If the regulator considers what Hyperliquid did legitimate, then ICE wants to do more; if you think it's illegal, then why didn't Hyperliquid receive the kind of warning you often send us?"